Financial services group ING booked net profit of almost €2.2 billion in the second quarter of 2023, as interest rates rose and operating costs fell. 

The Q2 earnings are up 83% on the same period last year and are well above analysts expectations. Total revenue reached €5.76 billion.

However, ING chief executive Steven van Rijswijk warned on Thursday morning about too much enthusiasm over the figures, stating last year’s earnings were strongly influenced by the start of the war in Ukraine.

There are also many uncertainties on the market, including “geopolitical tensions, high inflation and declining economic growth,” he told BNR radio. “It is only thanks to government support that the economy is performing as it is.”

ING has also boosted its client base by 227,000, the bank said. It now holds savings totalling €17 billion, despite the relatively low rate of interest that the bank pays out.